Sam Bankman-Fried intends to capitalize on Voyager Digital’s woes to expand his empire. In fact, FTX and Alameda Ventures are offering to buy back the bankrupt cryptocurrency exchange’s assets so troubled clients can regain access to their frozen funds more quickly.
Redeem Voyager Digital then return frozen funds via FTX
With cryptocurrency exchange Voyager Digital currently bankrupt, FTX and Alameda Ventures are making a proposition. The aim is to help clients whose funds are frozen by buying back the assets of the platform to allow immediate release.
It will be Alameda that will redeem these assets so that Voyager customers can redeem them by opening an account on FTX. These customers will then benefit from a monthly fee offered on the platform.
In a press release released overnight, Alameda (the investment fund that owns cryptocurrency exchange FTX) announced its willingness to offer a compensation plan to former Voyager Digital customers. The program will allow victims of the Voyager Digital bankruptcy to quickly regain their cash on a voluntary basis, if necessary, by creating an account on the FTX platform.
“Voyager customers have not chosen to be bankrupt investors with unsecured debt. The goal of our joint proposal is to help establish a better way to resolve the insolvency of a crypto business in a way that allows customers to quickly get cash and recover some of their assets without forcing them to speculate on the results of the bankruptcy and to take unilateral risks. »
FTX and Alameda will also buy the Voyager Digital name and various intellectual properties. Additionally, if an agreement is reached, the $75 million debt already owed to Alameda will be eliminated.
On the other hand, the Voyager team won’t be able to consider the proposal forever. They have the deadline of Tuesday July 26 to decide. The final terms of the agreement must also be finalized for application no later than Saturday July 30.
SBF’s empire expands visibly during this bear market
It’s a bold strategy for SBF, but also part of its acquisition plan. Crises like these do indeed allow players who can manage their finances, to stand out and emerge as strong as possible.
Through his various companies, Sam Bankman-Fried (SBF), founder of FTX and Alameda Research, places his pieces on the grand chessboard of crypto-currencies. If Voyager accepts this offer, FTX will benefit from an additional customer base.
Following the recent announcement of ongoing talks to acquire South Korean exchange Bithumb and save BlockFi, FTX continues to assert itself as a savior for crypto companies, but also for users in the crypto community.
Not too long ago, Bankman-Fried falsely nonchalantly claimed he had “billions” left over to “help struggling crypto businesses.” Thus, after having saved BlockFi from failure, the young boss of FTX would now be in “advanced discussions” with the South Korean platform Bithumb.
This is in any case what distills the revelations of sources close to the file, reported by the well-informed Bloomberg. According to the same source, the negotiations started a few months ago.
Along with Upbit and Coinone, Bithumb is one of the leading centralized cryptocurrency exchanges in South Korea. It was created in 2014 and currently lists 188 cryptocurrencies. As of November 2021, Bithumb had over $3 billion in daily trading volume, that figure has now dropped to around $558 million, according to CoinGecko.